Bank of India Home Loan – Apply Online BOI Home Loan
Bank of India (BOI) is an Indian state-possessed business manage an account with a base camp in Mumbai, Maharashtra. Government-possessed since nationalization in 1969, Bank of India has 4545 branches as on 31 December 2013, incorporating 54 branches and with an aggregate net wage of 24887.1 Million. Bank of India key items are on business saving money, retail keeping the money, private saving money, resource administration, Visa. Retail credit in the bank of India changes from plan to plot for the client.
BOI Star Home Loan:-
1- Gives advances to buy a Plot for the development of a House, to buy/build house/level, and in addition to redesign/repair/adjustment/expansion to house/level Maximum credit sum is Rs.500 lacs and reimbursement extends up to 30 years, with a sensible edge and ostensible handling charges. No dedication/regulatory charges
2- The credit is accessible at exceptionally aggressive rates of intrigue, presently accessible in the business.
3- Alternative for various EMI sums for various periods amid residency of advance to suit client’s reimbursement limit
4- Prepayment of Loan allowed. No prepayment charges under coasting rate alternative
5- Intrigue is computed on every day adjust premise which is of extraordinarily preferred standpoint to the client as it results in lower intrigue sum.
6- Credit to NRIs and additionally Persons of Indian Origin.
Streamlined application shape/systems for the comfort of clients, and rapid endorsements.
7- Free Personal Accident Insurance cover (Renewed at banks tact)
8- Extra security Cover to borrowers for Loan Protection (optional)
9- If it’s not too much trouble visit our closest Branch and profit credit to claim your fantasy home
Bank of India Home Loan Eligibility:-
Salaried representatives, Professionals, Self-utilized people. Solicitations are additionally considered from NRIs, PIOs, HUF, and Prop. The firm, Partnership firms and corporate.
Bank of India Home Loan Purpose:-
To buy/build house/flat.
To revamp/expand/repair existing house/flat.
To buy a plot of land for development of house
The takeover of home advance from different banks/FIs-subject to conditions.
Bank of India Quantum of Loan:-
For development/buy of a house/level Rs.300 Lakh (Rs.500 Lakh in significant metro’s viz. Mumbai, Kolkata, New Delhi and Chennai)
Repairs/remodel/augmentation to house/level –Rs.50 lacs
Buy of a plot – Rs.300 lakh
Advance for the buy of family articles alongside home Loan for outfitting the house/level @15% of Home Loan sum Max. Rs. 5.00 lac is offered under Secured Personal Loan with same Rate of Interest as material under Home Loan with most extreme reimbursement time of 10 years including ban period, assuming any.
Credit for establishment of Solar PVs at Home Loan ROI, according to confine settled by the Bank
Note: Minimum Home Loan:- For Metro/Urban Centers :- RS.
Bank of India Margin:-
|Margin||For Loan up to Rs.20 Lacs||For Loan up to Rs.75 Lacs:||For Loan above Rs.75 Lacs:|
|For 1st House||15%||20%||25%|
|For 2nd or Subsequent Home Loan/House/Flat||20%||20%||25%|
Where the cost of house surpasses Rs.10 lacs – Margin is computed on the unadulterated cost of the house/level barring stamp obligation, Registration and another documentation charge.
For houses with cost not surpassing Rs.10 Lakh – costs towards stamp obligation, enlistment, and another documentation charge can be incorporated into the venture cost.
Bank of India Repayment can be customized:-
Exceedingly adaptable – most extreme 30 yrs. counting ban period up to 36 months (max.) in regularly scheduled payments, including Bank’s endorsed ventures. Credit to be ordinarily reimbursed before the date of retirement if there should be an occurrence of salaried people and before achieving 70 years old in the event of others. Reimbursement up to 70 years additionally permitted to salaried workers having guaranteed post-retirement salary.
Bank of India Eligibility of Loan/EMI:-
Count of the quantum of advance is identified with Income/reimbursement limit of defender/borrower.
|Salaried Employees :||72 times of gross monthly salary or 6 times of gross annual income based on I-T Returns.|
|Self-employed/ Professionals etc.||6 times of Gross annual income based on I-T Returns|
|HUF/Proprietorship /Partnership Firm/ Company||6 times of cash accruals (PAT+ Depreciation) as per Balance Sheet/P&L Account|
If there should be an occurrence of Individuals
Net Take Home pay (NTH)/wage (net of all conclusions including EMI of Proposed credit) is stipulated as under:-
Net Monthly Income up to Rs.1 Lakh NTH Minimum – 40%
Net Monthly Income over Rs.1 Lac up to Rs. 5 Lacs NTH Minimum – 30%
Net Monthly Income over Rs.5 Lakh NTH Minimum – 25%
If there should arise an occurrence of HUF/Proprietorship/Partnership firm/Company: DSCR ought to be least 1.5.
Bank of India Star Home Loan Rate of Interest:-
This Annexure is material just for Rate of Interest in regard to Retail Loans/Advances connected to 1 Year Marginal Cost of Funds based Lending Rate (MCLR) (i.e. credits authorized on or after 01.04.2016)
According to RBI rules all rupee advances endorsed and credit limits restored w.e.f. first April 2016 will be estimated with reference to the 1 Year Marginal Cost of Funds Based Lending Rate (MCLR).
All Rate of Interest under Retail Loans is connected to 1 year MCLR. Any concession allowed in Retail Loan is liable to least 1 year MCLR + Business Strategy Spread of 0.30%
1 year MCLR w.e.f. first April 2016 is 9.40% p.a.
All rates (with the exception of ROI on Star Mitra Personal Loan Scheme and Star Reverse Mortgage Loan Scheme) are on coasting rate premise.
Star Personal Loan Scheme BOI
Revised for New Loans w.e.f. 01.04.2016
|i.||Fully Secured||4.00% + BSS (0.30%) above 1 Year MCLR|
|ii.||Clean/Unsecured||5.00% + BSS (0.30%) above 1 Year MCLR|
|iii.||For Senior Citizens aged 60 years & above for loans upto Rs.50,000/-||3.00% + BSS (0.30%) above 1 Year MCLR|
|iv.||Financing Secured under tie-up arrangements||4.00% + BSS (0.30%) above 1 Year MCLR|
Note: (a) Interest concession in regard of advances to lady recipient under (i) and (ii) above: 0.50% p.a. Proceeds.
Stat Pensioner Loan Scheme BOI
New loans sanctioned after 01.04.2016)
|iv.||Fully Secured/Clean/Unsecured as per Star Pensioner Loan Scheme (BC 109/11 dated 01.04.2015)||2.00% + BSS (0.30%) over 1 Year MCLR|
|(In case of availability of liquid collateral security over 25% of the loan amount- interest concession to be extended @ 1bps for 1% Security Max.100 bps.|
Star Holiday Loan Scheme BOI
Revised for new loans W.E.F. 01.04.2016
|Type of Finance|
|i.||Fully Secured (Liquid collateral security like TDRs, NSCs, etc. at least equal to 100% of loan amount sanctioned).||3.00% + BSS (0.30%) above|
|1 Year MCLR|
|ii.||Partly Secured :||3.50% + BSS (0.30%) above|
|(Liquid collateral security like TDRs, NSCs, etc. at least equal to 50% of the loan amount sanctioned)||1 Year MCLR|
|iii.||Clean / Unsecured||4.25% + BSS (0.30%) above|
|1 Year MCLR|
|iv.||Senior Citizens / Pensioners – loan amount up to Rs.50,000/- (where pension payment is through an account with the Branch disbursing the loan and EMI will be recovered out of pension SB account)||3.00% + BSS (0.30%) above|
|1 Year MCLR|
Notes: Interest concession in regard to credit to lady recipient under I to III above 0.50% p.a. proceeds.
Contract/Equitable Mortgage (first charge) ashore/level/house. Outsider assurance (if the home loan couldn’t be made before or at the season of payment).
Bank of India special feature:-
Free Personal Accident Insurance cover for the borrower (covering unplanned passing and additionally lasting aggregate disablement) according to terms of protection arrangement covering advance remarkable as on the date of accident(Renewal at the caution of the Bank).
Life coverage cover to lodging advance borrowers, at a moderate premium against the danger of death amid residency of advance under Group Insurance Scheme in tie up with the Star Union Dai-Ichi Insurance Co. Ltd. at borrower’s own costs and choice.
Credit outfitting the house/level at a rate of enthusiasm as appropriate to lodging advance under the plan
Credit for the establishment of Solar PVs at home advance ROI.
Bank of India other attractive features:-
Enthusiasm on Daily Reducing Balance Basis
No Pre-Payment Charges on Floating Rate Loans
Office for venture up/venture down EMIs
Incorporation of notional rental salary if there should arise an occurrence of second House furthermore Employees staying in Staff Quarters;
Incorporation of Income of Close relatives for improved credit
Tax cut on Interest and Installments reimbursed in Home Loans
Office for 100% credit regardless of phase of development OR Bridge Loan subject to conditions:
RATING EXERCISE: The defender will be qualified for credit subject to obtention of least checks or least passage level standard settled by the bank